Utah

Evergreen Devco Opens Pleasant Grove Town Center Retail Development in Utah

by Amy Works March 5, 2019

PLEASANT GROVE, UTAH — Evergreen Devco has opened Pleasant Grove Town Center, its first retail development in Utah. Located at 855 W. State St. in Pleasant Grove, the 1-acre site is now home to Mo’ Bettahs Hawaiian Style Food, which opened on Feb. 22, and Beans & Brews Coffee House, which opened in late January. The third, and final, anchor tenant, Dough Co., is scheduled to open its third edible cookie dough shop at the retail center this spring. Completed in November 2018, the fully leased development site was built by Draper, Utah-based Rimrock Construction and designed by Farnsworth Group.

March 5, 2019

Acquisitions Arizona Multifamily Seniors Housing Utah Western

MedCore, Trinity Acquire Four Seniors Housing Communities in Arizona, Utah for $98M

by Amy Works February 26, 2019

KEARNS, UTAH, AND CASA GRANDE, BULLHEAD CITY AND KINGMAN, ARIZ. — MedCore Partners, in partnership with Trinity Private Equity Group, has acquired four seniors housing assets throughout Arizona and Utah for $98 million. The acquisition is the first tranche of a five-property, 531-unit, $130 million portfolio acquisition for the partnership. The final property is still under construction, with the sale slated for completion upon delivery in May. SunTrust Bank provided financing for the transactions. The four communities involved in this deal total 409 units of assisted living and memory care. The properties include Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, White Cliffs Senior Living in Kingman with 103 units and the 97-unit Summit Senior Living in Kearns. Immediately upon closing on the assets, Watermark Retirement Communities took over the management of each of the properties.

February 26, 2019

Development Multifamily Student Housing Utah Western

Joint Ventures Breaks Ground on 1,605-Bed Student Housing Community Near Utah Valley University

by Amy Works February 20, 2019

OREM, UTAH — A joint venture between PEG Cos. and Woodbury Corp. has broken ground on The Green on Campus Drive near Utah Valley University in Orem. The five-building community will offer 1,605 beds and feature a pedestrian tunnel for direct, walkable access to campus. Phase I of development will include the construction of the first three buildings, set to open in fall 2020. The remaining two buildings are scheduled to open in fall 2021. R&O Construction is the general contractor for the project, which Humphreys & Partners Architects designed.

February 20, 2019

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 119-Unit Self-Storage Facility in Tremonton, Utah

by Amy Works February 4, 2019

TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.

February 4, 2019

Acquisitions California Industrial Utah Western

Nearon Adds 730,000 SF of Industrial Space to its California, Utah Holdings

by Amy Works January 10, 2019

SACRAMENTO, CALIF., AND SALT LAKE CITY — Nearon has added 730,000 square feet of industrial space to its portfolio of industrial properties through two separate transactions. In the first deal, Nearon acquired three buildings, totaling 521,000 square feet, in Sacramento, for an undisclosed price. American Building Supply, a subsidiary of Jeld-Wen Holding, occupies and utilizes the properties for manufacturing, distribution and headquarters functions. The portfolio includes a 196,267-square-foot asset at 8360 Elder Creek Road, a 217,500-square-foot building at 6300 S. Watt Ave. and a 108,000-square-foot property at 8920 43rd Ave. Nick Rini of Nearon directed the Sacramento portfolio acquisition, while Kevin Partington and Matt Cologna of Cushman & Wakefield represented the undisclosed seller. In the second transaction, the company completed a sale-leaseback with Regis Corp. for an 210,000-square-doot distribution center located at 5300 W. Harold Gatty Drive within Salt Lake International Center in Salt Lake City. Upon close of escrow, Regis leased the property, which was developed as a build-to-suit for the tenant in 2001, for 15 years. Chang Soo Lee of Nearon orchestrated the off-market acquisition and sale-leaseback, while Wick Udy and Andrea Robb of JLL sourced the transaction on behalf of Nearon. With these acquisitions, Nearon’s industrial portfolio …

January 10, 2019

Loans Multifamily Seniors Housing Utah Western

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

by Amy Works December 19, 2018

SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.

December 19, 2018

Acquisitions Multifamily Utah Western

Kennedy Wilson Buys 222-Unit Alpine Meadows Apartments Near Salt Lake City for $49M

by Amy Works December 4, 2018

SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.

December 4, 2018

Acquisitions Retail Utah Western

Faris Lee Investments Completes Sale of Two Retail Locations in Metro Salt Lake City

by Amy Works November 26, 2018

TAYLORSVILLE, UTAH — Faris Lee Investments has completed the combined fee simple interest sale of national single tenant retailers located within Taylorsville Shopping Center in Taylorsville. A Southern California-based private investor bought the properties for an undisclosed price. The assets are 24 Hour Fitness and Old Spaghetti Factory. Additional tenants at the shopping center include T.J. Maxx, PetSmart, Ross Dress for Less, Regal Theaters, Chick-fil-A, Panda Express, Starbucks Coffee and Chase Bank. Don MacLellan, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in the deal.

November 26, 2018

Acquisitions Multifamily Utah Western

Gelt Sells 247-Unit Monaco Apartments in Salt Lake City to Bridge Investment Group

by Amy Works November 20, 2018

SALT LAKE CITY — Los Angeles-based Gelt Inc. has completed the sale of Monaco Apartments, a multifamily property located at 4115 S. 430 East in Salt Lake City. Bridge Investment Group acquired the property for an undisclosed price. Built in two phases in 1973 and 1978, the property is situated on 10.5 acres and features 23 three-story buildings offering 247 units in a mix of one- and two-bedroom layouts. Units features stainless steel appliances, walk-in closets and private balconies/patios. Additionally, select units offer fireplaces and washers/dryers. On-site amenities include a sport court and dog park, leasing office, clubhouse and fitness center. Gelt acquired the property in 2014 and made significant improvements to the asset, including rebranding the property with a new name and signage. Danny Shin and Brock Zylstra of Marcus & Millichap represented the buyer and seller in the deal.

November 20, 2018

Development Multifamily Seniors Housing Utah Western

Buchanan Street Completes 298-Unit Active Adult Community Near Salt Lake City

by Amy Works November 19, 2018

HERRIMAN, UTAH — Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif., has completed construction of Incline at Anthem. The active adult community, restricted to residents over age 55, brings 298 apartment units to the Salt Lake City suburb of Herriman. Buchanan Street Partners purchased the partially completed Incline project in 2017 with a vision to reposition the original development plan, adding high-end finishes and upscale amenities to deliver a Class A community. Incline at Anthem is surrounded by a mountain backdrop and is adjacent to the southern boundary of Daybreak, Utah’s largest master-planned community. “Utah’s population has increased by 9 percent in the past five years, the highest rate in the country, putting added pressure on an already constrained housing market,” says Kevin Hampton, executive vice president of Buchanan Street Partners. “Regional growth and the increasing demand for a quality living experience by what we think are very youthful seniors bode well for the success of this project.”

November 19, 2018

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